Reneging on S&T offer for IB offer (Summer 2020)

I have already committed and signed for an S&T offer I received early in the process. However, I continued to recruit and received an IB offer at a firm that I would love to work for. IB is the career path that I wish to take, but I felt that taking the early offer was better than risking getting nothing later. Is it appropriate to renege, and does anyone have advice on how to handle this situation?

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